ECONOMIC VIEWPOINT: Industry push

IF this COVID-19 crisis has taught us anything, it is that we cannot
put our economic health in traditional areas like tourism only, but
shows that we have to think outside the box.

That would mean that this island has to provide the mechanism to
unleash the economic potential which can provide the impetus needed to
sustain life on the island, in uncertain times, much like we have seen
at present during the COVID-19 pandemic.

Tourism and international business have been the mainstay of the
Barbadian economy. Both sectors have seen tremendous investments over
the years, in terms of infrastructure and legislation designed to
enhance these sectors.

Much of the investment has come from governments, over the years,
attracting foreign direct investments, in the form of large-scale
tourism developments, to sustain the competitiveness of the sector.

Legislation which provide incentives geared towards making importation
of goods needed to build on sites and food importation, have been
designed.

The reluctance to go wholesale into pushing these developments into
sourcing local foods and produce, has not gone as far as it should and
more can be done.  Barbadian farmers and businesses can provide much
of what these developments need to succeed. We have the capacity to
provide world-class foods, meats and other goods such as furniture,
with unique Barbadian flair.

To that end, small businesses and those who can make a contribution
should be encouraged. The Trust Loan program is a good start, but we
need to see more development from the investment of taxpayers’ monies.

It cannot be a case of people seeking to use the program as a way to
pay their existing bills, but we need to see tangible successes of
these investments.

It is in these times of crisis, that an industry push is critical.

Diversification of our dependence on a handful of sectors is a correct
recipe towards avoiding deep economic hardships.

Agriculture needs to play a different more pronounced role, since
driving down the unnecessarily high food import bill reduces a drain
on critical foreign reserves.

There are too many young people who are showcasing their talents
online, who just need the correct guidance to ensure that creativity
will take its place to drive us out of this challenge.